Tuesday, May 5, 2009

IMPORTANT UPDATE: MTA Bailout has some benefits...

The MTA bailout proposal has an extremely important provision that will include a full forensic audit of the MTA, as well as unprecedented transparency requirements, which include:
  • An outside audit of MTA operations and finances.
  • The addition of two new MTA board members appointed by the Assembly speaker and the Senate President Pro Tem.
  • Granting the Legislature the right to veto individual items in the MTA’s five-year plan. The comptroller and the Legislature would also be granted additional oversight powers.
  • Consolidation of the authority’s chair and CEO into a single position.
  • A requirement that the MTA post on its Web site all “perks” for executives, and the hiring of any outside consultants and professionals.
  • The Web site would also include a quarterly accounting to whether or not the MTA had met its financial targets, and if not the reasons why.

According to Senator Johnson's representative, "Our mistrust in the MTA has not abated, though we have to deal with the reality that a strong, and responsible, mass transit system is needed for Long Island and the region."